FiscalNote Earnings and Growth Projections

. . • • Risk Factors (Cont'd) If Fiscal Note fails to maintain and improve its methods and technologies, or anticipate new methods or technologies, for data collection, organization, and analysis, competing products and services could surpass those of FiscalNote in depth, breadth, or accuracy of its data or in other respects. Larger and more well-funded companies with access to significant resources, large amounts of data or data collection methods, and sophisticated technologies may shift their business model to become direct competitors to FiscalNote. If Fiscal Note fails to protect and maintain its brands, its ability to attract and retain customers will be impaired, its reputation may be harmed, and its business, financial condition, results of operations and prospects may suffer. Fiscal Note has a significant portion of its sales to U.S. and foreign government agencies and other highly regulated organizations, which are subject to a number of challenges and risks. Fiscal Note assists customers in certain legislative and other governmental relations matters, which activities may be deemed to be lobbying efforts. FiscalNote's international operations subject it to additional risks that can adversely affect its business, results of operations and financial condition. Fiscal Note has significant operations and assets in the UK, Belgium, Australia, South Korea, India, Singapore, and Hong Kong and, as a result, will be subject to risks inherent in doing business in those jurisdictions, which may adversely affect its financial performance and operating results. Fiscal Note's company culture has contributed to its success and if Fiscal Note cannot maintain and evolve its culture as it grows, including through acquisition, its business could be materially and adversely affected. Fiscal Note relies on the performance of highly skilled personnel, including its management and other key employees, and the loss of one or more of such personnel, or of a significant number of team members, could harm its business. If Fiscal Note does not effectively maintain and grow its research and development team with top talent, including employees who are trained in artificial intelligence, machine learning and advanced algorithms, Fiscal Note may be unable to continue to improve its artificial intelligence capabilities, and its revenues and other results of operations could be adversely affected. Regulators in the U.S. and other jurisdictions where Fiscal Note operates may limit FiscalNote's ability to develop or implement its proprietary artificial intelligence algorithms and/or may eliminate or restrict the confidentiality of its proprietary technology, which could have a material adverse effect on FiscalNote's financial condition and results of operations. Issues in the use of artificial intelligence (including machine learning) in FiscalNote's platforms may result in reputational harm or liability. Failure to effectively develop and expand FiscalNote's marketing and sales capabilities could harm its ability to increase its customer base, expand its engagements with existing customers, and achieve broader market acceptance of its products and services. Any failure to offer high-quality support and professional services for Fiscal Note's customers may harm its relationships with its customers and, consequently, FiscalNote's business. Fiscal Note's business is subject to numerous legal and regulatory risks that could have an adverse impact on its business. Fiscal Note has incurred a significant amount of debt, some of which is secured by substantially all of Fiscal Note's assets, and may in the future incur additional indebtedness. Fiscal Note's payment obligations under such indebtedness may limit the funds available to FiscalNote, and the terms of Fiscal Note's debt agreements may restrict its flexibility in operating its business. FiscalNote is currently and may in the future be involved in legal actions and claims arising in the ordinary course of business. Adverse litigation judgments or settlements resulting from legal proceedings in which Fiscal Note may be involved could expose Fiscal Note to monetary damages or limit the ability to operate its business. 55 55 Fiscal Note

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